MOSCOW, September 30. /TASS/. Gas reserves in Europe’s underground storage (UGS) facilities have reached 82.5% ahead of the upcoming winter, according to data from Gas Infrastructure Europe (GIE).
On September 28, gas injections into the EU countries’ UGS totaled 206 mln cubic meters, according to GIE, while withdrawals fell to 28 mln cubic meters. The total volume of gas in storage represents only the seventh-highest level for September since records began, at 90.9 bln cubic meters.
Currently, Europe’s UGS are slightly above 82.5% full, which is 6.89 percentage points below the five-year average for this date, and compared to 94.2% at the same time last year. Under new European Commission requirements, EU countries are obliged to ensure that their gas storage facilities are filled to 90% between October 1 and December 1 each year. Additionally, a 10% flexibility is allowed under challenging storage conditions. At the same time, this mandate provides an additional upward driver for gas prices in the European market.
According to TASS calculations, net gas injections by Europe during the storage season must reach at least 61 bln cubic meters to meet the mandated storage level. This is nearly 50% higher than net injections a year ago and represents one of the highest levels in history.
Earlier, Gazprom had predicted that Europe would face difficulties in filling its storage facilities by winter. Over the past summer, the region required more gas to replenish stocks, and with limited new capacity coming online, European countries have had to compete with Asia for liquefied natural gas (LNG), where demand is rising. The Gas Exporting Countries Forum had anticipated that the EU would encounter significant challenges in filling its UGS to 90% by winter and forecast that summer exchange prices for gas would exceed those of winter, undermining the economic feasibility of injections into storage.
Weather across Europe is expected to remain consistent with the previous seven-day period. Wind generation accounted for an average of 14% of EU electricity production in August and approximately 19% in September. The average gas procurement price in Europe was around $394 per 1,000 cubic meters in August this year and around $393 in September.
LNG Imports
Since the beginning of the summer season in April, Europe has recorded a record import of liquefied natural gas (LNG), with deliveries to the region already exceeding 69 bln cubic meters, according to TASS calculations.
The previous record for LNG imports during the April-September period was set in 2023. Maximum LNG flows from European terminals into the EU gas transmission system for April-October were also recorded two years ago, totaling 76.3 bln cubic meters.
Europe’s LNG imports in June reached a monthly record of 12.2 bln cubic meters but subsequently lost their record pace, which has started to recover with the arrival of the fall season. Currently, regasification capacities are loaded to 44% of their maximum.